A massive drug bust by Australian Federal Police.

They've seized 360-million dollars worth of cocaine in New South Wales, and have had an entire alleged drug-smuggling syndicate thrown behind bars after what authorities say is the largest haul in Australian history.

It's the culmination of a complex two-and-a-half-year investigation into suspected drug trafficking by commercial fishermen.

Members of the alleged criminal ring were swept up in a string of Christmas and Boxing Day raids.

Acting Assistant Commissioner Chris Sheehan said it was the result of a multi-agency operation that has led to the largest cocaine seizure in Australian law enforcement history. 

"Thirty-two kilograms of heroin in Fiji, that we will allege was destined for Australia, 600 kilograms of cocaine in Tahiti, that we will allege was destined for Australia, and that culminated on Christmas Night, the seizure of 500 kilograms of cocaine, near Brooklyn."

Authorities said the gang of 15 men they describe as brazen and selfish used fishing trawlers to move cocaine from South America to Australia.

Former Roosters player John Tobin is alleged to be one of the men in custody.